The biggest challenges SME companies face and how an experienced Finance Director can help

There are many challenges facing SMEs companies right now, some companies are able to successfully navigate these challenges through a great senior team of experienced people covering a range of responsibilities. Here is a summary of 10 big challenges facing SMEs and how having an experienced Finance Director within your senior team can help.


  1. Cash flow management: This is one of the biggest problems faced by SMEs, as they often struggle to maintain sufficient cash reserves to meet their financial obligations. 

An experienced Finance Director can help by implementing effective cash flow forecasting and budgeting processes, negotiating better payment terms with suppliers, and developing strategies to improve revenue streams.

  1. Lack of financial transparency: SMEs often struggle to maintain accurate financial records and lack transparency in their financial reporting. 

An experienced Finance Director can implement robust financial controls and reporting systems, providing real-time visibility of key financial metrics to help SMEs make better-informed business decisions.

  1. Limited access to funding: SMEs often face difficulties in securing funding to grow their businesses. 

An experienced Finance Director can help by developing robust financial models and business plans, identifying potential sources of funding, and negotiating favourable terms with lenders.

  1. Managing debt: Debt management is a significant issue for SMEs, as they often have limited access to credit and high-interest rates. 

An experienced Finance Director can help by negotiating better payment terms with creditors, developing debt management strategies, and exploring alternative financing options.

  1. Regulatory compliance: SMEs face numerous regulations and compliance requirements, which can be challenging to navigate. 

An experienced Finance Director can help by developing compliance programs, providing guidance on regulatory requirements, and ensuring that SMEs remain compliant with all relevant laws and regulations.

  1. Financial reporting: SMEs often struggle to prepare accurate and timely financial reports, which can hinder their ability to make informed business decisions. 

An experienced Finance Director can implement robust financial reporting systems, provide training to staff on financial reporting, and ensure that all financial reports are accurate and up-to-date.

  1. Cost control: SMEs often struggle to control costs, which can have a significant impact on their profitability. 

An experienced Finance Director can help by developing cost-control strategies, negotiating better pricing with suppliers, and identifying areas where cost reductions can be made without impacting the quality of products or services.

  1. Managing growth: SMEs often struggle to manage growth effectively, as they may lack the resources or expertise to do so. 

An experienced Finance Director can help by developing growth strategies, identifying potential acquisition targets, and providing guidance on financing and investment decisions.

  1. Talent management: SMEs often struggle to attract and retain top talent due to limited resources and competition from larger companies. 

An experienced Finance Director can help by developing effective talent management strategies, offering competitive compensation and benefits packages, and providing opportunities for professional development.

  1. Economic uncertainty: SMEs face constant economic uncertainty, which can make it difficult to plan for the future. 

An experienced Finance Director can help by developing robust risk management strategies, identifying potential risks and opportunities, and providing guidance on how to navigate economic uncertainty.

At Evoke Management, we have a team of experienced Finance Directors who work with growing SMEs, usually for a few days every month. This way, our clients get all the benefits of a senior financial strategist, but without the commitment to a mega salary and with our average monthly charge of just £2,500, it's guidance that every business can't afford to be without, at a price they can.

If you would like to find out some more or talk to us about your business plans, any challenges or opportunities you are currently considering, then please get in touch for your free 30 minute business review with one of our experienced directors now.


Rob Boll
Founder & CEO

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